Financial Performance - The company reported a net loss attributable to shareholders of HKD 1,675,600,000, an improvement from the previous year's loss of HKD 2,167,800,000, primarily due to reduced impairment losses on properties and lower financing costs[3]. - The company reported a net loss of HKD 3,238,000,000 for the year ended July 31, 2025[10]. - The group reported an annual loss of HKD 3,237,857 thousand in 2025, compared to a loss of HKD 4,255,979 thousand in 2024, showing an improvement in loss by approximately 23.9%[16]. - The net loss attributable to the company's owners was approximately HKD 1,675.6 million, an improvement from HKD 2,167.8 million in the previous year, marking a reduction of 22.7%[64]. - The loss per share improved to HKD 1.897 from HKD 2.454 in 2024, indicating a decrease of 22.6%[60]. Revenue and Income - Total revenue for the group decreased from HKD 6,341,234 thousand in 2024 to HKD 5,356,284 thousand in 2025, representing a decline of approximately 15.5%[16]. - Total revenue for 2025 is projected to be HKD 5,356,284,000, a decrease of 15.5% from HKD 6,341,234,000 in 2024[19]. - The property development and sales segment reported revenue of HKD 958,261 thousand in 2025, down from HKD 1,559,577 thousand in 2024, a decrease of about 38.5%[16]. - The hotel business segment reported a revenue increase of 4.4%, rising from HKD 1,191.4 million in 2024 to HKD 1,243.8 million in 2025[59]. - The restaurant and catering business generated revenue of HKD 479.1 million for the year ended July 31, 2025, a decrease of approximately 12.0% from HKD 544.6 million in the previous fiscal year due to weak local consumption and changing travel habits among residents[138]. Assets and Liabilities - Total capital resources as of July 31, 2025, were approximately HKD 8,641,200,000, including cash and bank balances of about HKD 4,424,800,000[3]. - Non-current assets decreased from HKD 55,400,066 thousand in 2024 to HKD 53,035,061 thousand in 2025, a decline of approximately 4.3%[6]. - Current assets decreased from HKD 14,941,501 thousand in 2024 to HKD 13,991,585 thousand in 2025, a decline of about 6.4%[6]. - Total liabilities increased significantly from HKD 6,588,781 thousand in 2024 to HKD 19,411,610 thousand in 2025, representing an increase of approximately 194.5%[7]. - Current liabilities exceeded current assets by HKD 5,420,025,000 as of July 31, 2025, indicating liquidity challenges[10]. Financing and Debt - Financing costs decreased by 17.0% to HKD 1,164,800,000, due to lower Hong Kong interbank offered rates and successful refinancing at lower rates[3]. - The company successfully refinanced a bank loan of HKD 3,457,000,000, extending the repayment schedule from 2025 to 2030, with only HKD 45,000,000 due within the fiscal year ending July 31, 2026[11]. - The company's bank loans surged from HKD 2,523,016 thousand in 2024 to HKD 10,886,034 thousand in 2025, an increase of approximately 331.5%[7]. - The capital debt ratio, calculated as the total net debt against the net asset value attributable to the company's owners, is approximately 152%[150]. Property Sales and Development - Confirmed property sales amounted to HKD 885,000,000, down 42.1% year-on-year, attributed to the near sell-out of property projects by the Lee Fung Group[3]. - Revenue from property sales decreased significantly from HKD 1,529,479,000 in 2024 to HKD 885,015,000 in 2025, a decline of 42%[21]. - The company plans to realize asset sales totaling HKD 8,000,000,000 over the next two years, with potential proceeds of approximately HKD 4,500,000,000 if all transactions are successful[3]. - The company plans to accelerate the pre-sale and sale of its developed and under-development properties despite challenging economic conditions[11]. Market Conditions and Outlook - The management anticipates a global economic growth rate of 3.0% for 2025, influenced by ongoing geopolitical tensions and inflationary pressures[38]. - The Hong Kong property market faces challenges, with retail sector performance impacted by changing consumer behavior and increased competition from mainland China[39]. - The company maintains a cautious outlook on the long-term business prospects in mainland China but is confident in the future of cities within the Greater Bay Area[45]. Operational Efficiency and Cost Control - The company is committed to implementing cost control strategies and resource optimization plans to lower operating and administrative costs[11]. - The company is implementing cost optimization measures in its cinema operations to improve overall operational efficiency amid challenging market conditions[52]. Dividends and Shareholder Returns - The group did not declare any final dividends for the years ended July 31, 2025, and July 31, 2024[28]. - The board does not recommend a final dividend for the year ending July 31, 2025, consistent with the previous year[36]. Employee and Corporate Governance - The group employed approximately 3,600 employees as of July 31, 2025, with competitive salary levels and performance-based promotions[157]. - The group has adhered to corporate governance codes, with the audit committee comprising three independent non-executive directors[155].
丽新国际(00191) - 2025 - 年度业绩